HSBC trims UK investment bankers as layoffs pick up pace

HSBC has trimmed front-line staff from its investment bank in the UK, as a dealmaking slump this year is set to prompt a fresh round of layoffs across the sector. The UK lender, which is in the midst of an ongoing cost-cutting exercise unveiled in February 2020, has axed a handful of roles within its global … Read more

Credit Suisse set to roll out new retention bonuses for UK dealmakers

Credit Suisse is set to extend retention bonuses to a select band of senior dealmakers in London in a bid to stem defections as it embarks on a fresh cost-cutting programme. The Swiss bank will pay dealmakers in Europe and the UK additional bonuses in the coming weeks, according to people familiar with the matter, after … Read more

Credit Suisse draws up plans to split investment bank in three

Credit Suisse could split its struggling investment bank into three parts, a move that would involve thousands of job cuts as the Swiss bank reshapes its business. The bank has drawn up plans to split its beleaguered investment banking unit, including creating a so-called ‘bad bank’ to hive off unwanted assets, the Financial Times reported … Read more

Banker bonus cap: Going, going, gone?

New chancellor Kwasi Kwarteng is drawing up plans to ditch the UK banker bonus cap as part of plans for a ‘Big Bang 2.0’ to reinvigorate the City after Brexit. The timing could be better. The British public has barely forgiven bankers for the 2008 financial crisis, and dangling bigger banker bonuses during a cost-of-living crisis … Read more

Goldman to cut poor performers in annual cull

In a return to pre-pandemic practice of hiving off low-performing staffers from the bank, Goldman Sachs is set for a round of job cuts. The US investment bank is set to axe jobs in plans that could trigger the earliest layoffs as soon as next week, The New York Times reported, according to people familiar with the … Read more

Evercore raises junior salaries in London to keep pace with rivals

Boutique investment bank Evercore has bumped salaries for London juniors for a second time, keeping pace with larger rivals after a surge in pay over the past year. The US-headquartered bank raised entry-level salaries from £63,000 to £70,000 when it unveiled its bonuses last week, according to people with knowledge of the matter. Second year … Read more

Three quarters of junior bankers still want to quit amid burnout crisis

Nearly three quarters of junior dealmakers are considering quitting, as a burnout crisis that has prompted banks to hike salaries and overhaul working practices continues to dog the sector, according to a new survey. Despite efforts to retain junior bankers amid a surge in dealmaking last year, 72% of 200 bankers surveyed by tech company … Read more

Michael Lewis teases new Wall Street book: ‘You’ll learn all about crypto’

Author Michael Lewis is being coy about his next project. But, he says over a video call from his home in Berkeley, California: “I will lift my skirt a little, but not a lot here.” He then gets more animated: “I really don’t want to reveal exactly what I’m writing about,” he tells Financial News. “But I found a … Read more

European banks got clobbered in Q2 — here’s what you need to know

European investment banks suffered a tough second quarter, as results this week revealed sharp cuts in dealmaking fees amid tough trading conditions. The past three months have been one of the most challenging environments for investors in the last decade. A surge in inflation, Russia’s ongoing assault on Ukraine, and a continued Covid-19 hangover have shaken … Read more

Meet the young stars of M&A

As mergers and acquisitions hit record levels last year, the young dealmakers on Financial News‘ Rising Stars of Investment Banking list made their mark, taking central roles on key deals. Here are the M&A bankers that rose to the challenge and made it on to FN’s illustrious ranking: Jack Blomfield, managing director, William Blair Augustin D’Angerville, … Read more